Saudi Arabia dips into its savings

It may have been defiant in the face of the oil price slump but it seems that Saudi Arabia’s finances have been hit hard by the downturn.

Steve Randall
It may have been defiant in the face of the oil price slump but it seems that Saudi Arabia’s finances have been hit hard by the downturn. Analysts say that the kingdom has used almost $62 billion of its foreign currency reserves so far this year and could be forced to borrow from foreign investors. 
 

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